Description
The program covers changes in the tax and financial world and its impacts to individuals and businesses. The changes cover a broad range of topics, with the only consistent commonality is the timeliness of the topics. These topics come to us from a variety of news feeds, including from the IRS, the Illinois Department of Revenue, RIA, The Tax Book, Forbes magazine, Kiplinger Tax Letter, and more. The goal is to identify relevant topics, report the changes, and provide analysis. CFP professionals will benefit from understanding the latest changes in the tax and financial world.
Learning Objectives
PBM Tax Meeting Agenda
Attendees: PBM Staff, Consultants Meeting Date: 3-Jan-25
\\pbmi-fs01\PBMI$\Shared\_5. Employees\_Meetings - Tax\[25-Tax Meeting Notes.xlsx]Jan Time By
1 Housekeeping Items
Æ 1 Tax training
Æ 2 Interest Rates
3 Auto mileage rates
🔓 4 When does tax season Open?
2 Benefucial ownership reporting requirements 0:10 MM
💀 a Updates
3 Retirement plan updates for 2025 0:10
Æ a Limits
4 Secure Act 2.0: Review & Update After 0:15
u a Modification of credit for Small Employer Pension Plan Start-Up Costs 12/31/22
u b Increase in RMD age from 72 to: 12/31/22
u c Optional treatment of matching or nonelective contributions as Roth contributions 12/29/22
u d Reduction in excise tax for failure to meet RMD requirements 12/29/22
u e Penalty-free withdrawals for certain emergency expenses 12/31/23
u f 401K participation easier for part-time workers 12/31/24
u g Expanding auto-enrollment in retirement plans 12/31/24
5 What's new for 2024 tax filings 0:15 ET
★ a Federal 1040
★ b Federal 1120S
1 Digital asset reporting
2 Increase in nonfiling penalty 245 per K1 per month
★ c Federal 1065
1 Digital asset reporting
6 IRS Disaster relief 2024 0:10
Learning Obmectives:
1 State some housekeeping items for IRS interest rates.
2 Identify beneficial ownership reporting requirements and exemptions from reporting.
3 Explain the retirement plan limits in 2024 and changes to the limit structure.
4 Describe several sections of SECURE 2.0 and subsequent updates.
5 Review what's new for 2024 Federal tax filings for Individuals, S-Corps and Partnerships.
6 Identify options for tax relief on the Federal level
The program covers changes in the tax and financial world and its impacts to individuals and businesses. The changes cover a broad range of topics, with the only consistent commonality is the timeliness of the topics. These topics come to us from a variety of news feeds, including from the IRS, the Illinois Department of Revenue, RIA, The Tax Book, Forbes magazine, Kiplinger Tax Letter, and more. The goal is to identify relevant topics, report the changes, and provide analysis. CFP professionals will benefit from understanding the latest changes in the tax and financial world.